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Article
Publication date: 22 April 2004

Marc W. Simpson and Sanjay Ramchander

This paper shows that the University of Michigan’s ”Survey of Consumers“ can be useful in predicting the direction of change in five U.S. dollar exchange rates. The explanatory…

162

Abstract

This paper shows that the University of Michigan’s ”Survey of Consumers“ can be useful in predicting the direction of change in five U.S. dollar exchange rates. The explanatory power, however, is contingent on the particular survey question employed and the forecast horizon under consideration. The study finds that the survey question regarding car purchases does especially well in predicting the future direction of exchange rate movements. Furthermore, the results generally indicate that the survey is more useful when making distant (i.e., 12‐month ahead) currency forecast than for making near term (i.e., 3‐month and 6‐month ahead) predictions.

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American Journal of Business, vol. 19 no. 1
Type: Research Article
ISSN: 1935-519X

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Publication date: 29 March 2016

Marc Wouters, Susana Morales, Sven Grollmuss and Michael Scheer

The paper provides an overview of research published in the innovation and operations management (IOM) literature on 15 methods for cost management in new product development, and…

Abstract

Purpose

The paper provides an overview of research published in the innovation and operations management (IOM) literature on 15 methods for cost management in new product development, and it provides a comparison to an earlier review of the management accounting (MA) literature (Wouters & Morales, 2014).

Methodology/approach

This structured literature search covers papers published in 23 journals in IOM in the period 1990–2014.

Findings

The search yielded a sample of 208 unique papers with 275 results (one paper could refer to multiple cost management methods). The top 3 methods are modular design, component commonality, and product platforms, with 115 results (42%) together. In the MA literature, these three methods accounted for 29%, but target costing was the most researched cost management method by far (26%). Simulation is the most frequently used research method in the IOM literature, whereas this was averagely used in the MA literature; qualitative studies were the most frequently used research method in the MA literature, whereas this was averagely used in the IOM literature. We found a lot of papers presenting practical approaches or decision models as a further development of a particular cost management method, which is a clear difference from the MA literature.

Research limitations/implications

This review focused on the same cost management methods, and future research could also consider other cost management methods which are likely to be more important in the IOM literature compared to the MA literature. Future research could also investigate innovative cost management practices in more detail through longitudinal case studies.

Originality/value

This review of research on methods for cost management published outside the MA literature provides an overview for MA researchers. It highlights key differences between both literatures in their research of the same cost management methods.

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Article
Publication date: 1 April 1988

Paul Nieuwenhuysen

The following bibliography focuses mainly on programs which can run on IBM microcomputers and compatibles under the operating system PC DOS/MS DOS, and which can be used in online…

176

Abstract

The following bibliography focuses mainly on programs which can run on IBM microcomputers and compatibles under the operating system PC DOS/MS DOS, and which can be used in online information and documentation work. They fall into the following categories:

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The Electronic Library, vol. 6 no. 4
Type: Research Article
ISSN: 0264-0473

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Article
Publication date: 1 February 1976

VINE is a Very Informal Newsletter produced three times a year by the Information Officer for Library Automation and financed by the British Library Research & Development…

64

Abstract

VINE is a Very Informal Newsletter produced three times a year by the Information Officer for Library Automation and financed by the British Library Research & Development Department. It is issued free of charge on request to interested librarians, systems staff and library college lecturers. VINE'S objective is to provice an up‐to‐date picture of work being done in U.K. library automation which has not been reported elsewhere.

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VINE, vol. 6 no. 2
Type: Research Article
ISSN: 0305-5728

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Article
Publication date: 1 March 1978

S.W. MASSIL

Networks as a tangible prospect are matched by resource sharing as a topic of current interest in librarianship. Organisational developments have emerged and attention has been…

31

Abstract

Networks as a tangible prospect are matched by resource sharing as a topic of current interest in librarianship. Organisational developments have emerged and attention has been paid to these over several years. In North America the debate has been serious and systematic as outlined in representative papers at the Aslib Conference of September 1977. The development and aims of the UNISIST and NATIS programmes of Unesco indicate considerable international commitment to the two “imagos” of progress. The two concepts are not independent and are particularly intertwined when automation is drawn in for synthesis. Other technologies—microforms, photocopying, near‐print processes, AV equipment, compact shelving and telex—are also playing a part in modern developments in librarianship and some have roles in network activities. The computer however, introduces a particularly dynamic inducement to large‐scale changes in the way of comprehensive and co‐ordinated information policy. Stevens points this up with a definition of a library network as “a formal organization of three or more autonomous organizations inter‐connected to achieve their common purposes through the joint use of communications and computer technology”. Of the common purposes which individual libraries and consortia alike aim to pursue access to information and materials is crucial and automation of bibliographic services should be the means of achieving it most directly.

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Library Review, vol. 27 no. 3
Type: Research Article
ISSN: 0024-2535

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Article
Publication date: 22 June 2023

Marc Simpson and Axel Grossmann

To determine the effect that covenants have on the credit ratings assigned by the two major agencies.

94

Abstract

Purpose

To determine the effect that covenants have on the credit ratings assigned by the two major agencies.

Design/methodology/approach

The authors examine 1,822 bond issues from 1991 to 2018, with a two-stage methodology to account for the endogeneity of the firms' choices and the ordinal nature of the ratings. The authors use Hendry's model selection method to find the best-fitting models from 37 control variables; the final models feature 20–24 orthogonalized variables, all significant at 5% and most at 1%.

Findings

The study’s results suggest that restrictive covenants positively affect ratings, particularly for bonds on the border of junk and investment grade. However, this effect appears to be decreasing with time, suggesting the financial crisis of 2008 has impacted ratings. Additionally, divergent covenant treatment leads to split ratings where the two agencies assign different levels of ratings on the same bonds. The study’s findings provide key insights into the factors that differentiate ratings given by each agency.

Practical implications

Managers must balance the perceived benefits of covenants against the costs, included lower credit ratings.

Originality/value

No other study has examined this issue controlling for both the ordinal nature of the ratings and the endogeneity in the decision to include specific covenants.

Details

Managerial Finance, vol. 49 no. 12
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 January 1980

VINE is produced at least four times a year with the object of providing up‐to‐date news of work being done in the automation of library housekeeping processes, principally in the…

101

Abstract

VINE is produced at least four times a year with the object of providing up‐to‐date news of work being done in the automation of library housekeeping processes, principally in the UK. It is edited and substantially written by Tony McSean, Information Officer for Library Automation based in Southampton University Library and supported by a grant from the British Library Research and Development Department. Copyright for VINE articles rests with the British Library Board, but opinions expressed in VINE do not necessarily reflect the views and policies of the British Library. The subscription to VINE is £17 per annum and the period runs from January to December.

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VINE, vol. 10 no. 1
Type: Research Article
ISSN: 0305-5728

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Article
Publication date: 7 June 2023

Gary Moore and Marc William Simpson

Using various proxies for the firms' return on equity (ROE) and retention ratios (b) the authors calculate 36 sustainable growth rates, on a rolling basis, for a comprehensive set…

333

Abstract

Purpose

Using various proxies for the firms' return on equity (ROE) and retention ratios (b) the authors calculate 36 sustainable growth rates, on a rolling basis, for a comprehensive set of firms over a 52-year period. The authors then assess the ability of these different sustainable growth rates to predict the actual, out-of-sample, five-year growth rates of the firms' earnings.

Design/methodology/approach

The authors compare the forecast to determine which method of estimating ROE and b produce the lowest mean-squared-errors and then determine the estimation method that works best for firms with different characteristics and for firms in different industries.

Findings

Overall, using the median ROE of all firms in the market and the 5-year average of the specific firm's retention ratio produces the lowest, statistically significant, forecast errors. Variations are documented based on firm characteristics, including dividend payout, level of ROE and industry.

Practical implications

The findings can guide practitioners in using the best earnings forecasting method.

Originality/value

Financial textbooks seem universally to suggest that one method of estimating the growth rate of a firm's earnings is to calculate the “sustainable growth rate” by multiplying the firm's ROE by the firm's b. At the same time, multiple methods of proxying for both ROE and b have been suggested; therefore, it is an interesting and useful empirical question, which, heretofore, has not been addressed in the literature, as to which estimation of the sustainable growth rate best approximates the actual future growth of the firm's earnings. The findings can guide practitioners in using the best earnings forecasting method.

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American Journal of Business, vol. 38 no. 4
Type: Research Article
ISSN: 1935-519X

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Article
Publication date: 1 January 1984

VINE is produced at least four times a year with the object of providing up‐to‐date news of work being done in the automation of library housekeeping processes, principally in the…

63

Abstract

VINE is produced at least four times a year with the object of providing up‐to‐date news of work being done in the automation of library housekeeping processes, principally in the UK. It is edited and substantially written by the Information Officer for Library Automation based in Southampton University Library and supported by a grant from the British Library Research and Development Department. Copyright for the articles rests with the British Library Board and opinions expressed in VINE do not necessarily reflect the views and policies of the British Library. The subscription for 1984 to VINE is: £23 for UK subscribers, £26 to overseas subscribers (including airmail delivery). Second and subsequent copies to the same address are charged at £14 for UK and £16 for overseas. VINE is available in either paper or microfiche copy and all back issues are available on microfiche.

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VINE, vol. 14 no. 1
Type: Research Article
ISSN: 0305-5728

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Article
Publication date: 1 January 1979

VINE is produced at least four times a year with the object of providing up‐to‐date news of work being done in the automation of library housekeeping processes, principally in the…

29

Abstract

VINE is produced at least four times a year with the object of providing up‐to‐date news of work being done in the automation of library housekeeping processes, principally in the UK. It is edited and substantially written by Tony McSean, Information Officer for Library Automation based in Southampton University Library and supported by a grant from the British Library Research and Development Department. Copyright for VINE articles rests with the British Library Board, but opinions expressed in VINE do not necessarily relect the views and policies of the British Library. The subscription to VINE is £10 per year and the subscription period runs from January to December.

Details

VINE, vol. 9 no. 1
Type: Research Article
ISSN: 0305-5728

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